According to a recent article, approximately half of American adults with children have yet to write a will. While writing out a will might be the last thing on your to-do list, it's extremely important to have one in order to protect your assets and ensure your loved ones are taken care of if the case of your sudden passing. It's also important to take the time and hire an experienced Los Angeles estate litigation lawyer to properly draft your will. As with anything else, mistakes can be made when drafting a will on your own and can have tough consequences on your loved ones after your passing.
Below are a few of the most common mistakes when it comes to drafting a will.
Mistake #1 – Failure to update your will
The biggest mistake that people make when forming a will is failing to keep it updated. Your will should be updated whenever a significant change occurs, such as buying a second home, the birth of a child, or a change in assets. Many people forget that you can add to a will at any point in time and it's important to do so to ensure your assets will be distributed according to your wishes in the event of your passing.
Mistake #2 – Improper format
While this varies state-to-state, there are many states that require a hand-written will. Today, with our access to computers and other modern technology, we tend to generate documents by computer and printer, which are not considered to be hand-written.
Mistake #3 – Failure to Provide a Witness
One misconception is that a will must be notarized. This aspect also varies from state to state but a will usually must be witnessed and signed by witnesses.
Mistake #4 – Not choosing a Backup Executer
Your executor will be the one who administers your estate, so it's important to choose wisely. You should choose a "backup" executer in the case that your chosen executer passes around the time of your death or is unable to perform their duties.
In order to avoid putting further strain on your loved ones and ensure your assets are distributed according to your wishes in the event of your passing, it's important to have a properly-written will. Your Los Angeles estate litigation lawyer can aid you in the preparation of your will.